TAIYUAN CITY, China, Jan. 11, 2013 /PRNewswire/ -- Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), announced that the Company has posted its own on-site security video clips that refute the blog-post defamatory claims of Geo Investing. As previously stated, Longwei believes the Geo Investing report contains numerous errors of facts, misleading speculations and malicious interpretations of events. Nevertheless, in order to provide the highest level of transparency to its shareholders, the Company and its legal counsel in the U.S and the PRC, as well as its auditor are reviewing the allegations and management has fully cooperated in the investigation. One of the numerous false allegations presented in the Geo Investing report includes a claim that Longwei's wholesale fuel sales are "virtually non-existent." The report purports to have taken 7 weeks ( October 26 to December 13, 2012) of time-lapse video surveillance of the Company's Taiyuan facility, which alleges that only 1 tanker truck fueled at the Taiyuan facility during the entire 7-week timeframe. Longwei is in the process of reviewing its on-site security video for the 7-week timeframe, however, it has posted two 10-minute video clips on its website that shows 6 tankers trucks at the Taiyuan facility being fueled during the Geo Investing report timeframe. Longwei's on-site security video proves the Geo Investing video and claim are false. Longwei has posted the videos clips from its on-site security video at its Taiyuan facility on its website at http://www.longweipetroleum.com/operations/storage-operations. The video was taken during the same timeframe Geo Investing alleged only 1 tanker truck came to its facility. The Company's security video is also maintained independently at the local fire safety bureau. The Company intends to take further action to defend itself. The misleading video and claims posted by Geo Investing is only one example in their inaccurate report on the Company. Longwei will be sending its security video to the appropriate authorities for review and prosecution.
Shares of Longwei Petroleum Investment Holding Limite (AMEX:LPH) were gapping up Friday morning with an open price 10.5% higher than Thursday's closing price. The stock closed at $1.52 yesterday and opened today's trading at $1.68.